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Home / Business / Bitfinex Debacle Aside, Bitcoin (BTC) can shoot at $ 6,000 due to historical trend

Bitfinex Debacle Aside, Bitcoin (BTC) can shoot at $ 6,000 due to historical trend



Analysts keep their thin tone on Bitcoin

A number of analysts have been confused due to the news that Bitfinex and Tether could be on thin ice, but some have secured themselves to stay on top and look at technical and trends to find out where Bitcoin (BTC) could head next. Following a recent analysis by Murad Mahmudov, chief investment officer of upward cryptocurrency fund Adaptive Capital, BTC may be ready to move higher in the near future.

As he shows on the above chart, Bitfinex's current relationship between long and short position, relative strength index (RSI) reading on the relationship, and BitMEX funding and premium trends looks bullish. Mahmudov looks at the fact that when the three mentioned trends looked like they did historically, it followed a rally in the Bitcoin prize. These features were inconsistently higher, with some of these cases only resulting in 5% gains, but historically the precedent is set for BTC to move higher from here. The Adaptive Capital representative himself did not convey an explicit prediction, but he drew an arrow to $ 6400, a level that analysts believe will Iraq Bitcoin.

Moreover, his conversation, Mahmudov noted that "the essence of investing and acting is the intelligent and patient preying on greed, fear, impatience, addiction and ignorance towards the majority." The reason why it is relevant is that the above statistics indicate that the majority of traders believe that BTC is about to go down.

Mahmudov is not the only analyst who is bullish at the time of writing. By analysis from The Crypto Monk, a well-stocked trader, the dust of the latest Tether and Bitfinex imbroglio has settled, and somehow Bitcoin's chart structure is still "looking good for bulls." Monk did not give much reason for this point, but the chart related to his message showed that BTC has held over $ 4,800, a key level of support, as it is where 200-day moving averages sit.

Fundamentals also look overwhelmingly bullish for cryptographic curves. As analyst Alex Kruger noted, both TD Ameritrade and E * Trade, two retail brokers based in America, will move into the crypto market by offering spot trading "likely to be larger than some Tether bearish developments." For those who missed the note, the commentator refers to rumors that the two aforementioned identities will soon provide direct cryptography courses to their millions of users. As Bloomberg and The New York Times Nathaniel Popper explains, a source familiar with the case claims that just after TD Ameritrade started testing digital assets, E * Trade is preparing to launch support for Bitcoin and Ethereum, but still waiting for a custody third party.

  Title Image Courtesy of Dmitry Moraine Via Unsplash 

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